What Is BTC?

What Is BTC?

If you have been doing some shopping lately, you may have notice that there is a new type of payment available, and its name is BTC which stands for bitcoin. This currency was around for quite a while, but it was just recently that most of the stores started to accept it, and that is probably because of its increase in value as well as popularity and demand.

Bitcoin was initially released in 2009, and it the origins of it are still vague. Nobody is sure who created it and what is the reason behind it, however, one thing is for sure, and that is that a single bitcoin today is worth thousands of dollars. But that is not how it always was because when it was released, it was pretty much worthless as it was quite easy to get but it could not be spent anywhere at all.

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Things changed a bit when the first purchase with bitcoin was made. A man decided to order some pizza, and he pursued the pizza place owner to accept payment in bitcoin. After that, the value immediately increased by 900%! After that, people started to get more interest into bitcoin, and over time it is worth as much as it is today.

Many of you may wonder how exactly can one get access to bitcoin? Since bitcoin is a cryptocurrency, a digital value, everyone can access it from multiple places. Today, you can purchase bitcoin on various sites by exchanging your local currency for it, or you can obtain it via mining which is the more popular way of getting it.

Mining for bitcoin is letting your PC figure out some algorithms until it solves them, and once it does, you will be awarded with 1 bitcoin. This sounds a lot easier than it is, and that is because solving those problems today can take quite a while, so if you are planning to mine for bitcoin, you are better off mining another cryptocurrency and changing it into bitcoin. If you are feeling lucky of course, then you can still mine for bitcoin directly, but it is not suggested.

Hopefully we provided you with enough information about bitcoin, and if you still do not understand, no need to worry, as time goes by it will become a part of our daily lives so you will definitely catch up at some point.